Carpenter Cornices, Ltd., produces a wide variety of cornice moldings for windows at a plant located in Evergreen Park, Illinois. Because there are hundreds of products, some of which are made only to order, the company uses a job-order costing system. On July 1, the start of the company’s fiscal year, inventory account balances were as follows: Raw materials $ 12,700 Work in process $ 6,700 Finished goods $ 10,400 The company applies overhead cost to jobs on the basis of machine-hours. Its predetermined overhead rate for the fiscal year starting July 1 was based on a cost formula that estimated $191,400 of manufacturing overhead for an estimated activity level of 58,000 machine-hours. During the year, the following transactions were completed (Assume all purchases and services were acquired on account): a. Raw materials purchased on account, $202,000. b. Raw materials requisitioned for use in production, $164,000 (materials costing $152,500 were chargeable directly to jobs; the remaining materials were indirect). c. Costs for employee services were incurred as follows: Direct labor $ 111,000 Indirect labor $ 48,300 Sales commissions $ 34,500 Administrative salaries $ 53,500 d. Prepaid insurance expired during the year, $28,000 ($17,700 of this amount related to factory operations, and the remainder related to selling and administrative activities). e. Utility costs incurred in the factory, $25,500. f. Advertising costs incurred, $14,800. g. Depreciation recorded on equipment, $39,000. ($25,500 of this amount was on equipment used in factory operations; the remaining $13,500 was on equipment used in selling and administrative activities.) h. Manufacturing overhead cost was applied to jobs, $?. (The company recorded 31,000 machine-hours of operating time during the year.) i. Goods that had cost $326,000 to manufacture according to their job cost sheets were completed. j. Sales (all on account) to customers during the year totaled $614,000. These goods had cost $325,000 to manufacture according to their job cost sheets.1. 1.- Prepare journal entries to record the transactions for the year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Prepare T-accounts for inventories, Manufacturing Overhead, and Cost of Goods Sold. Post relevant data from your journal entries to these T-accounts (don’t forget to enter the opening balances in your inventory accounts). Compute an ending balance in each account. (Round your intermediate calculations to 2 decimal places.) 3-a. Is Manufacturing Overhead underapplied or overapplied for the year? (Round your intermediate calculations to 2 decimal places.) 3-b. Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold. (Round your intermediate calculations to 2 decimal places. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Prepare an income statement for the year. (Round your intermediate calculations to 2 decimal places.)

Cost of Goods Sold, Profit margin, and Net Income for a Manufacturing Company

The following information is available for Bandera Manufacturing Company for the month ending January 31:

For the month ended January 31, determine Bandera's (a) cost of goods sold, (b) gross profit, and (c) net income.

(a)

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a. Add the cost of goods manufactured to the beginning finished goods. Subtract the ending finished goods.

(b)

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b. Sales minus cost of goods sold equals gross profit.

(c)

The following information is available with respect to the purchases and sales of merchandise during the first part of January 2019:

Jan. 1                   opening inventory          3,000 units at $25.00 each         

Jan. 10                purchased                         4,500 units at $35.00 each

Jan. 12                sold                                    3,500 units

Jan. 15                purchased                        1,000 units at $32.50 each

Jan. 21                sold                                    1,500 units  

Required:

1. Calculate the Cost of Goods Sold and Ending Inventory using FIFO and Moving Weighted Average Cost using the costing worksheets provided below.   

2. Calculate the Gross Profit under FIFO and Moving Weighted Average. Assume a net selling price of $ 50.00 per unit sold.    Show your calculations in the space provided below each worksheet.

   Weighted Average (Round average unit costs to two decimal places)

   Date	Purchases			Cost of Goods Sold			On Hand Balance
   January	Units	Unit Cost	Total Cost	Units	Unit Cost	Total Cost	Units	Unit Cost	Total Cost
   1							3,000	25.00	75,000
   Totals

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During 2016 (its first year of operations) and 2017, Segura LLC used the FIFO inventory costing method. At the beginning of 2018, Segura changed to the average cost method.

                Components of income before tax for 2018, 2017, and 2016 were as follows ($ in millions):

                                                                                2018                       2017                       2016

                Revenues                                            $420                       $390                       $380

                Cost of goods sold (FIFO)              (46)                         (40)                        (38)

                Cost of goods sold (average)       (62)                         (56)                        (52)

                Operating expenses                       (254)                      (250)                     (240)

Dividends of $20 million were paid each year. Segura’s fiscal year ends December 31. Ignore income taxes.

Required:

1. Determine the balance in retained earnings at December 31, 2017 (before the change to average cost).

2. Prepare the journal entry at the beginning of 2018 to record the change in inventory accounting method.

3. Prepare the 2018 comparative income statements (including 2017 amounts).

4. What was the effect of the change in inventory method on the company’s 2018 net income?

5. Determine the balance in retained earnings at December 31, 2018.

Hardy Company’s cost of goods sold is consistently 70% of sales. The company plans ending merchandise inventory for each month equal to 30% of the next month’s budgeted cost of goods sold. All merchandise is purchased on credit, and 40% of the purchases made during a month is paid for in that month. Another 45% is paid for during the first month after purchase, and the remaining 15% is paid for during the second month after purchase. Expected sales are: August (actual), $355,000; September (actual), $400,000; October (estimated), $310,000; and November (estimated), $380,000.

Use this information to determine October’s expected cash payments for purchases.

Cook Company processes and packages frozen seafood. The year just ended was Cook's first year of business and they are preparing financial statements. The immediate issue facing Cook is the treatment of the direct labor costs. Cook set a standard at the beginning of the year that allowed two hours of direct labor for each unit of output. The standard rate for direct labor is $27 per hour. During the year, Cook processed 60,000 units of seafood for the year, of which 4,800 units are in ending finished goods. (There are no work-in-process inventories). Cook used 123,500 hours of labor. Total direct labor costs paid by Cook for the year amounted to $3,087,500.

Required:
a. & b. What was the direct labor price variance and the direct labor efficiency variance for the year?
c. Assume Cook writes off all variances to Cost of Goods Sold. Prepare the entries Cook would make to record and close out the variances.
d. Assume Cook prorates all variances to the appropriate accounts. Prepare the entries Cook would make to record and close out the variances.

Blue Bird Corporation has the following inventory items and costs for the month.
1 unit purchased Jan 15 at a cost of $50.
1 unit purchased Jan 20 at a cost of $54.
1 unit purchased Jan 24 at a cost of $56
On January 26, the company sold 2 units for $70 each. The company uses the LIFO (Last In First Out) inventory method.
a. What is the Cost of Goods Sold for the month? $
b. What is Gross Margin for the month? $
c. What is ending inventory for the month? $

2. Framer Inc. has the following inventory items and costs for the month.
1 unit purchased Jan 15 at a cost of $60.
1 unit purchased Jan 20 at a cost of $45.
1 unit purchased Jan 24 at a cost of $54
On January 26, the company sold 2 units for $70 each. The company uses the Weighted Average inventory method.
a. What is the Cost of Goods Sold for the month? $
b. What is Gross Margin for the month? $
c. What is ending inventory for the month? $

Prepare in journal entry form all adjusting and correcting journal entries based on the following information.  All information was provided to you as of 12/31/2018.  (Round all numbers to the nearest dollar).

(i) Czar has two loans outstanding as of 12/31/2018. Interest is paid annually on January 1st. The facts on each loan are as follows: First Trust Bank Loan – outstanding since January 1, 2018 with a 6% interest rate. This loan was taken out to finance the construction of the Storage Building. Interest for the year and 10% of the principle will be paid to the bank on                                         January 1, 2019.  Except for recording the initial cash received and loan, no additional entries have been made. Loan Payable has a credit balance of $520,000 for First Trust Ban Coldwell Bank Loan – also outstanding all of 2018 with 5 % interest rate. Interest is due on January 1, 2019. Principle is due on January 1, 2025.  Since interest will not be paid to the Bank until 2019, Czar’ office staff did not accrue any interest. Loan Payable has a credit balance of $1,600,000 for Coldwell Bank.

(J) On January 1, 2018, Czar recorded a patent in the amount of $120,000. The company paid outside legal fees of $64,000 to have the patent registered. The other $56,000 represents internal costs in developing the patent. The patent is good for 20 years, but the company estimates that the patent will have a useful life of 8 years with no residual value. Amortization is straight line. The company depreciates using partial years for intangible assets.  No amortization has been recorded for 2018.

(K) As of 12/31/2018 the Available for Sale Securities have a fair value of $232,430. Due to the market conditions, the company does not plan on selling the assets in 2019, but their intent is to sell at some point in time. You can ignore the tax effect on unrealized gains and losses.

(L) The office building was bought in January 1, 2016 and Czar plans to use the building for 40 years and believes it will have a salvage value of $200,000 at the end of 40 years.  Czar depreciates the building on a straight line basis. Due to the location of the building and use potential, Czar is concerned about impairment.  At 12/31/2018 it is determined that the future cash flows for the building are $2,400,000. The fair value of the building is $2,720,000 at 12/31/2018.  

• What makes different financial assets risky and and what is affecting their risk?
• Which has greater interest rate risk, a 30-year Treasury bond or a 30-year BB corporate bond?
• What do you think are the most important criteria that rating firms use to rate different financial assets?
• Why does the value of a share of stock depend on dividends? Many actively traded public companies don't pay dividends, but investors are nonetheless willing to buy shares in them. Given your answer to the first part of this question, how is this possible?  

What do I really need to study before studying ANOVA?

I'm very behind in stats but I have a test coming up on Single factor ANOVA, Randomised Blocks, Two Way ANOVA and Tests for normality.

It's for a 2nd year course in Applied Statistics, I want to study but I don't know what I should revise first, confidence intervals? all of hypothesis tests? Apparently most of the work can be done on excel but I still need to understand the question before attempting.

Would appreciate any advice !